CITICORE RENEWABLE Energy Corp. (CREC) is planning to go public next year, with a focus on rolling out a gigawatt (GW) of solar projects every year for the next five years. CREC President and CEO Oliver Y. Tan stated that the necessary registration statement for the initial public offering (IPO) is already being prepared, with the goal of filing it within this year and carrying out the IPO in the following year, provided that market conditions are favorable.
CREC recently signed a $100-million loan agreement with Pentagreen Capital Pte. Ltd. The funds from this agreement will be used to finance around six solar projects that are currently in progress in Batangas and northern Luzon.
Currently, CREC has an installed capacity of 284 megawatts (MW), but it aims to increase this to a total of 1,000 MW by the end of 2024. The company intends to roll out one GW of new solar projects annually for the next five years. The first GW is already in progress, while plans for the second GW are underway and expected to be implemented by next year.
In addition, CREC aims to expand its market reach and develop its renewable energy portfolio. It intends to cater to night peak customers and become a pure renewable energy provider. To achieve this, the company plans to have a portfolio that includes solar, wind, hydro, and energy storage systems.
In July, CREC was awarded renewable energy projects with a total capacity of 916 MW through the green energy auction program of the Department of Energy.